Colorado stocks took it on the chin Monday as the Dow Jones industrial average and the S&P 500 suffered their largest point drubbings ever.

The Bloomberg Colorado index, a basket of 68 stocks based in the state, dropped 3.2 percent and is down 1.5 percent for the year, which which matches the decline in the Dow. At least one Colorado stock was up, however, a gold mining company.

Of the 68 Colorado companies in the index, 54 fell Monday, while seven rose and seven remained even.

MDC Holdings, the Denver-based home builder that owns Richmond American Homes, took the biggest hit among Colorado’s larger companies, dropping 7.6 percent to close at $29.58. As recently as Jan. 24, MDC shares were at a 52-week high of $35.18.

Concerns over higher interest rates have spooked stock markets. If higher mortgage rates price more buyers out of a home purchase, that could hurt new home sales.

As of Friday, the average rate on a 30-year mortgage was at 4.3 percent, its highest level since August 2014. A move in interest rates on a 30-year mortgage from 4 percent to 5 percent would push up monthly payments 12 percent, according to Bloomberg.

“Markets have been addicted to low interest rates and global central banks pumping money into the financial system. As economies around the world are improving, this means higher interest rates and less stimulus from central banks. That’s why investors are throwing a hissy-fit. Not because anything is wrong,” said Bankrate’s chief financial analyst Greg McBride in a commentary on the market.

Cryptocurrencies also continued to face downward pressure, as well as the stocks associated with them and blockchain technology. Bitcoin fell more than 19 percent Monday to $6,579 before recovering to $7,054.

Aldo Svaldi has worked at The Denver Post since 2000. His coverage areas have included residential real estate, economic development and the Colorado economy. He's also worked for Financial Times Energy, the Denver Business Journal and Arab News.

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